A Limited Liability Partnership (LLP) is a corporate body that enjoys perpetual succession, meaning its existence is continuous and unaffected by changes in its partners. Its internal governance structure is flexible and can be determined by the mutual agreement of partners. While LLPs do have provisions regarding the number of partners, the specific limit of 'less than 20' is a characteristic that distinguishes them from traditional partnerships under certain older laws but is not a universal defining negative feature compared to other core attributes. Management and partnership can be intertwined in an LLP, unlike in a company structure where there is a clear separation.